Magazine article American Banker

E-Trade to Test Kiosks in Stores and Offices

Magazine article American Banker

E-Trade to Test Kiosks in Stores and Offices

Article excerpt

E-Trade Group Inc. plans to test a financial services kiosk in a Target store this year and to install similar machines in some of its business partners' offices. The Internet financial services company said its first "financial center," to open this year at a SuperTarget store in Roswell, Ga., will offer services such as trading, research, and news but will serve more or less as an automated teller machine. Similar kiosks are to be installed in other SuperTarget stores after the test has been evaluated. Beyond that, E-Trade, of Palo Alto, Calif., is building on a network of corporate relationships developed by its business solutions group, which helps companies manage employee stock plans. Some of these companies may get kiosks in their offices, said E-Trade spokeswoman Deborah Newman. How the kiosks would be equipped would depend on the size of the corporation playing host, Ms. Newman said. E-Trade Bank, its subsidiary in Arlington, Va., would not expect to "make all ATMs deposit-capable," she said. E-Trade, however, continues to upgrade its ATMs, Ms. Newman said, so that customers can have a link between their brokerage and banking accounts and transfer funds. Ms. Newman would not name corporate partners that might participate in the program. "This process has to be rolled out in layers," she said. She called the concept a "win-win situation for employers and their employees," who will not be charged any fees to use the devices. E-Trade acquired Telebank this year and renamed it E-Trade Bank. …

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